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CII welcomes the ratification of India - ASEAN FTA in Goods

15
Aug '09
The Confederation of Indian Industry (CII) has welcomed the ratification of the merchandise trade liberalisation agreement between India and the ten-nation ASEAN.

Commenting on the development, Mr. Chandrajit Banerjee, Director General, CII said ASEAN is an important market for Indian industry; the FTA would give us access to a trillion dollar ASEAN economy.

Currently the bilateral trade between India and the ten-nation ASEAN is way below its true potential. "We are confident that the elimination of tariffs on nearly 80% of the traded goods would go a long way in boosting bilateral trade ties between the two regions", said Mr. Banerjee.

Refined petroleum products, organic chemicals,pharmaceuticals, gems & jewellery, metal scraps, which are among India's major exports to ASEAN are likely to be the major gainers from the FTA.

The successful ratification of the India - ASEAN FTA in goods would send a positive signal for eventual establishment of a Comprehensive Economic Cooperation Agreement (CECA), towards which both India and ASEAN are committed. "Gains from India - ASEAN FTA in goods are only a small part of the total gains. Indian businesses are looking forward to a successful conclusion of the services and investment agreement in which negotiations are at an initial stage. Ambitious offers by ASEAN are necessary to ensure a balanced outcome", said Mr. Banerjee.

The Confederation of Indian Industry (CII)


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